A Deterministic Inventory Model with Weibull Distribution Deteriorating Item with Selling Price and the Time Dependent Demand Rate

Abstract

This study represents a deterministic inventory model for deteriorating
products under the condition of instantaneous replenishment. In the paper, we
developed an inventory model for obtaining optimum cycle length by minimizing
the total cost per unit time under usual condition. The demand is taken as a
function of selling price and decreases exponentially with time and holding cost
are linear and shortages are not allowed. The deterioration rate is taken as a
special form of two parameter Weibull function considered by Covert and Phillip.
The model is solved by minimizing the total cost. The model reduces to well
known result by choosing appropriate values of the parameter. The model is
illustrated with the help of numerical example. Sensitivity analysis has also been
conducted study the effect of the parameter on optimal solution.